The post Crypto Bulls Awaken! Bitcoin ETF Inflows Surge, BlackRock Dominates appeared first on Coinpedia Fintech News

On July 29, Bitcoin ETFs saw a notable inflow of $124.1 million, taking advantage of Bitcoin’s recent price drop to $66,000. The standout performer was BlackRock’s IBIT ETF, which attracted a significant $205.6 million. This is the largest inflow since July 22, bringing IBIT’s total net inflows to $19.9 billion.

In contrast, Grayscale’s GBTC ETF faced a $54.3 million outflow, increasing its total net outflows to $18.9 billion. Despite these outflows, the overall inflows into Bitcoin ETFs now total $17.7 billion.

Here’s everything you should know.

Bitcoin ETFs See a Surge

Looking ahead, Bitcoin ETF investors might see a major boost. There’s speculation that a $5 trillion model portfolio could be invested in spot Bitcoin ETFs later this year, with major players like BlackRock expected to lead this trend, potentially influencing the entire market.

Adam Back, CEO of Blockstream, mentioned on X that institutional investors with substantial buying power are likely to dominate the market. These Bitcoin ETF giants are expected to invest a large part of their $5 trillion to strengthen their Bitcoin holdings.

BlackRock’s Role

BlackRock, with over $10 trillion in Assets Under Management (AUM), is one of the asset managers expected to lead this move. While areas like healthcare, technology, and AI are still attractive for investment, digital assets like Bitcoin are gaining more interest. 

Larry Fink, BlackRock’s CEO, recently referred to Bitcoin as a “portfolio diversifier,” comparing it to gold. This perspective is supported by BlackRock’s significant investment in Bitcoin ETFs, indicating Bitcoin’s increasing role in investment strategies.

Bitcoin Market Trends

Market watchers predict that investors might soon consolidate their positions in anticipation of a price increase. Meanwhile, PlanB, the creator of the Bitcoin stock-to-flow (S2F) model, observed that Bitcoin miner revenue has reached its lowest point after the 2024 Bitcoin Halving. As a result, he does not expect further miner capitulation, which could reduce the selling pressure on Bitcoin prices.

As a result, he doesn’t expect any more miner capitulation, which might reduce the selling pressure on Bitcoin prices.

PlanB also predicts that Bitcoin’s price will double by the end of 2024, aiming for $150,000. However, with the upcoming U.S. elections, he anticipates more volatility in Bitcoin prices.

Even though Bitcoin’s price recently dropped to $66,647 after almost reaching $70,000, analysts see this volatility as normal and believe a bullish run is coming soon. 

Bitcoin ETFs are heating up the market. What are your investments saying?

The post Crypto Bulls Awaken! Bitcoin ETF Inflows Surge, BlackRock Dominates appeared first on Coinpedia.org.